Australia's #1 Choice for Bankruptcy Solutions! Call: 1300 795 575
Bankruptcy Gladstone, Insolvency Gladstone, bankruptcy advice, insolvency service

Congratulations! You’ve successfully fulfilled your 3 year period of bankruptcy and have been discharged, so what now? You’ve unquestionably taken the most appropriate measures to resolve your financial issues by declaring bankruptcy, and all your debts are well behind you now. However, there’s still plenty of work involved to get your finances back on track. The most challenging issue that discharged bankrupts confront is their capability to borrow money, and the reason for this is their bad credit rating.

For the last 3 years, you’ve had no debts to repay so your credit history has nothing to show besides a bankruptcy mark against your name. There’s been no activity on your credit report, so an empty page will make lenders reluctant in lending money to you solely because they can’t evaluate your repayment habits. Rebuilding your credit history is the best way to get your finances back on track, and make your recovery process as smooth as possible.


How you can repair your credit report after discharge?

Due to the fact that lenders haven’t been able to analyse your financial management skills for the previous 3 years, you will want to start demonstrating healthy financial habits. Here’s a list of ways in which you can do this


  1. Regular employment

Attaining reliable and ongoing employment is a fantastic way to boost your financial security and demonstrate to financial institutions that you have a regular source of income. Reliable employment will allow you to increase your savings and bolster your overall financial situation, resulting in a better credit rating.


  1. Increase your savings balance

Your savings account is an asset, so increasing your savings balance as time go on will illustrate to loan providers that you are financially dependable and are capable of making loan repayments. By transferring money into a dedicated savings account every month, even a small amount, will improve your credit history.


  1. Limit your credit applications

Each time you request a line of credit, it is recorded on your credit history, so excessive credit applications can adversely affect your credit history. After being discharged, it’s integral that you are pragmatic and careful about the types of credit you apply for to increase your chances of approval. It’s best to make an application for only one line of credit at once, and bear in mind that secured loans and options with a guarantor or joint accounts will increase the probability of approval.


  1. Consider a term deposit

If you’ve had the capacity to save money during your bankruptcy period, contemplate putting some of it into a term deposit account. Not only will you accumulate interest and boost your overall financial situation, it will additionally show lenders that you are financially dependable. Subsequently, your chances of securing a loan will be increased which leads to an improved credit rating.


  1. Always make repayments on time

One of the most important things you can do as a discharged bankrupt is to make any kind of repayment on time. Whether it’s your rent, electricity, or even a secured loan in your name, making these repayments on time will unquestionably improve your credit rating and increase the confidence that lenders have in your financial management abilities.


  1. Don’t hesitate to speak with financial institutions

If you want to apply for a line of credit after your bankruptcy period, or explore what types of options are available to you, don’t hesitate to talk to banks or other financial institutions to review your situation. They are in the best position to advise of your eligibility, and provide recommendations on what options would work best for your personal situation.


Be cautious of credit repair companies

There are a lot of credit repair agencies that will make all sorts of promises to improve your credit record. While many of them are helpful in challenging any incorrect listings on your credit record, they may not be able to do anything else to improve your credit record. The Government’s MoneySmart website ( advises discharged bankrupts to be “very careful” of these companies because they “may not always be able to do what they claim they can”.


If you require any assistance in rebuilding your credit history, or have any queries relating to your recovery process after bankruptcy, it’s always best to seek advice from qualified professionals. Talk with Bankruptcy Experts Gladstone on 1300 795 575, or alternatively you can visit our website for more information: